$3.5 Million Saved in WINcentive® Prize-Linked Savings
Wednesday, July 26, 2017
ST. PAUL, Minn. (July 26, 2017) – WINcentive Prize-Linked Savings is helping Minnesotans save funds for a rainy day; something that is bucking the trend of dismal national savings rates. Halfway through the second year of the program, credit union members in the state have opened almost 5,000 accounts and saved over $3.5 million. The program is now offered by 20 credit unions, and is facilitated by the Minnesota Credit Union Network.
WINcentive Savings incentivizes consumers to save by offering risk-free rewards. WINcentive prizes are awarded on a monthly, quarterly, and annual basis, with prizes ranging from $100 to $5,000. Account holders qualify for up to four chances per month for each $25 increase in their month over month savings balance. The Statewide prize-pool has awarded $35,000 this year. Recent $1,000 quarterly winners are members at Affinity Plus Federal Credit Union, Mayo Employees Federal Credit Union, and Fulda Area credit union.
“As risk-free way to build a rainy-day account, WINcenitve Savings helps make regular saving approachable and fun,” said Andrea Molnau, Director of Communications for the Minnesota Credit Union Network. “WINcentive is providing some consumers with their first savings product; strengthening the relationship between credit unions and their members, while also attracting new members. That’s a win for consumers and the credit unions that are offering the program.”
More information about WINcentive Savings, including a list of participating credit unions, can be found at wincentivesavings.org.
The Minnesota Credit Union Network is the statewide trade association that works to ensure the success, growth and vitality of Minnesota credit unions. With nearly $20 billion in assets, Minnesota credit unions are local, trusted financial cooperatives that serve more than 1.7 million members at almost 400 branch locations around the state. As not-for-profit institutions, credit unions give back to the communities they serve. For more information, visit www.mncun.org.